Our loan product is designed to be attractive to creditworthy borrowers.
The conditions are fair and competing with banks.
Everything happens online. The contract is signed electronically, and the disbursement is immediate.
We receive loan applications from people and companies with a wide range of risk profiles.
Yet Klear finances only creditworthy borrowers, those with regular and proven revenues, low indebtedness and a perfect credit history.
We collect a significant amount of data to ensure a proper analysis.
We verify and supplement the data with online queries to the NSSI, the CCR, the Trade register and other publicly available sources including social media.
We check the borrower and any personally or economically related person or entity (if such).
If we are not fully convinced about the data correctness, we do not approve the credit.
Our strength lies in our experience and knowledge in lending to consumers and companies.
We use our own in-house developed scoring models that assess the probability of default of the loan, as well as algorithms that identify different risk types, fraud attempts and related persons or entities.
Based on the result of the credit scoring, we attribute a segment to the borrower. Each segment has a yearly default rate, to which we had the expected return for the investors.
This ultimately gives the interest rate that will be paid by the borrower.
For personal loans, we assess in depth the monthly budget of the household, while for companies we analyze the financial statements and the recent sales volumes.
We also spend a lot of time and attention to getting acquainted with the loan purpose.
Before the first due date, we make sure that the borrower is aware of when and how to pay the installment.
We continue to send reminders before each due date considering each specific situation.
In our communication with borrowers, we pay close attention to how payment patterns affect them, as well as the investors.
Any delay is reported in the CCR, managed by Bulgarian National Bank.
Klear adapts its tone and actions according to the borrower's attitude and engagement toward problem-solving.
In case of a delayed payment, we immediately contact the borrower to find out what the problem is. We try to help him/her recover regularity in its payments.
We have all the necessary tools to adapt the repayment plan of a borrower in trouble according to its situation.
In lending there is a risk that the borrower may not be able to repay the debt.
If the delay exceeds 120 days, Klear sells the debt to an external debt collection agency. The recovered amount from the sale is distributed to the investors.
Klear finances the loans with own funds and only later lists them on the market for sale to individual investors. This means that we also bear risk just like any other investor on the platform.
